In the used vehicle market, used vehicle dealers generally have difficulty maintaining the proper used vehicle inventory that will best match the needs of a potential vehicle purchaser. Certain vehicles held by the used vehicle dealership may sell quickly, other vehicles may never sell at retail. If a potential buyer desires a specific vehicle that is not in inventory, the dealer may check the inventories of other local dealers etc., but generally that process is cumbersome, does not provide ready access to a large used vehicle inventory and results in the dealer attempting to persuade the customer to consider another vehicle that is in fact in the dealer's limited inventory.
In order to provide a potential large used vehicle inventory, nationwide used vehicle chains, such as CARMAX and AUTONATION have been established, with multiple large used vehicle lots located across the country. Still, this business model requires a large up front investment in facilities as well as the purchase and maintenance of a very large used vehicle inventory that depreciates daily.
When a dealer has used vehicles it is unable to sell direct to consumers in its market, the dealer commonly lists such vehicles for auction via nationwide electronic auction sites such as SmartAuction, which is operated by Ally Financial, OVE.com, which is operated by Manheim, or Openlane.com, or takes the vehicles to a physical auction such as may be operated by Manheim or Adessa Auto Auction. Using these auction systems, dealers can sell used vehicles to, and buy used vehicles from other dealers in an automated manner. In fact, many dealers currently utilize these auction sites to manage their used vehicle inventories. However, such management still involves trying to identify and buy used vehicles to place on the dealer's lot for potential future sale.
It would be desirable to provide consumers with access to a large used vehicle inventory, including vehicles owned by multiple selling parties (e.g., dealers, banks, credit unions and manufacturers, or in some cases inclusive of individuals) across the country, without requiring a substantial over-investment in locations and/or used vehicle inventory and/or wasting money to transport the vehicle unnecessarily.